Crédit Agricole (ACA) Q4 2024 earnings summary

Executive summary

• Achieved all 2025 medium-term plan targets in 2024, with record profit and ROTE at 14.0%, and underlying net income Group share reaching €7.2bn, up 21.1% year-over-year.

• Record revenues and net income for Q4 and full year 2024, with strong performance across all business lines, especially Asset Gathering, Large Customers, and Retail Banking.

• Proposed a 5% increase in cash dividend to €1.10 per share, maintaining a 50% payout ratio.

• Major acquisitions included Degroof Petercam, Alpha Associates, aixigo, and additional stakes in Banco BPM and CACEIS, strengthening wealth and asset management.

• Continued support for energy transition and sustainable finance, with €26.3bn in low-carbon energy financing.

Financial highlights

• Revenues, gross operating income, and net profit increased year-over-year for both the group and Crédit Agricole S.A.; 2024 revenues reached €27,181m (+7.9% YoY), net income Group share €7,087m (+11.6% YoY).

• Q4 revenues up 17.4% stated and 18.2% underlying; Q4 2024 underlying net income Group share €2,190m (+33.7% Q4/Q4).

• Underlying cost/income ratio improved to 54.4% for CASA and 59.5% for the group; cost-income ratio remained well below the 58% ceiling.

• Underlying EPS for 2024 was €2.14 (+18.5% YoY).

• Return on tangible equity reached a record 14.0% (+1.4pp YoY).

Outlook and guidance

• Confident in repeating 2024 performance in 2025, targeting ROTE above 12% and cost-income ratio below 58%, with new medium-term plan and updated targets expected in Q4 2025.

• Management expects stable macroeconomic conditions with modest growth and gradual inflation decline in core markets, and continued focus on organic growth, operational efficiency, and capital strength.

• 2025 outlook assumes resilient US growth (1.9%), modest eurozone recovery (1%), and moderate monetary easing.

• Group targets continued strong capital, liquidity, and profitability, with focus on energy transition and digital innovation.

• Anticipates both tailwinds and headwinds in 2025, with structural performance expected to remain strong.